On, Japan began enforcing pioneering new crypto asset-facing legislation. At the end of April 2020, the FSA recognized another SRO, the Japan STO Association, to target crypto securities, specifically security token offerings (STOs). ![]() Japan’s leading financial regulator, the Financial Services Agency (JFSA), works closely with the Japanese Virtual Currency Exchange Association (JVCEA), the country’s official self-regulated organization (SRO). Well, for starters, it helps that both regulators and their crypto industry have taken past mistakes in their stride and are pulling in the same direction towards the promised land of mass adoption. Why is the regulation of cryptocurrencies so highly evolved then in Japan when compared with the rest of the world? Japan also requires exchanges to be licensed as crypto asset service providers (previously called virtual currency exchange platforms) to offer crypto-related services to Japanese residents. Gox and Coincheck), have all come from this dynamic nation in recent years.įor example, Japan was the first country in the world to legally define “virtual currency”. This has made the Land of the Rising Sun a perfect incubator for the exponential growth in the value and popularity of cryptocurrencies over the last decade.Ĭonsequently, many of the most significant crypto highs and lows in virtual asset history, which includes the most devastating exchange hacks ( Mt. ![]() Digital innovation is ingrained in the psyche of Japan.
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